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Pochin's major holders considering takeover offer.

MANews-(C)2009-2013

10 December 2013 - UK construction group Pochin's PLC (LON:PCH) said its property development director James Nicholson and the other investors of the Cedric Pochin concert party had approached the company with a possible takeover offer.

Pochin's is 42%-owned by the Cedric Pochin concert party, according to the company's annual report of May 2013. The builder is active in commercial, industrial and residential property development and subcontracting. It posted a revenue reach GBP78m (USD128m/EUR93m) in the year through May 2013 with pretax loss standing at GBP6.7m.

The offer is lower than the closing price of Pochin's shares of GBP41 apiece on 6 December 2013, the target said without specifying the exact figure.

The suitor has until 6 January 2014 to decide whether to make a formal takeover offer.

Country: UK

Sector: Construction/Real Estate

Target: Pochin's PLC

Buyer: James Nicholson, the Cedric Pochin Concert Party

Type: Corporate acquisition

Status: Bidding

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Publication:M & A Navigator
Date:Dec 10, 2013
Words:156
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